All About Estates

Category: United States

Total 25 Posts

Not All “Trump Bumpf” is Bluster

As part of the ‘Donald’s’ post-election “promises” we heard rumours that US gift and estate taxes were going to be repealed. While we did not see a repeal, we did see a significant change to the rules related to US gift and estate tax. The particular change came forward in…

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TFSA’s and Residency

Recently, one of my blog colleagues wrote on the residency rules regarding tax free saving accounts (TFSA’s). Generally, as an owner of TFSA, if you leave Canada, the accumulated funds may remain in the TFSA without Canadian tax consequences. You can’t make any further contributions but you can make withdrawals….

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Inheritances and Taxes – Be Careful Where you Step?

Frequently, I am reminded how careful one has to be with making sure that tax-free inheritances generally maintain their status throughout all steps to liquidate and realize the proceeds. Here is a case in point. In Owen v The Queen (2018 TCC 90), the taxpayer’s father resided in the United…

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TRUST REPORTING: NEW REQUIREMENTS COMING SOON!

Under the current rules, a trust only needs to file an annual tax return but generally does not need to file the return if it does not earn an income or make any distributions in the year. (Notwithstanding that the Canada Revenue Agency has increased its demand for “nil returns”…

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To Kill a Mockingbird, part II

This Blog was written by: Natalie Bender   For many of us, Harper Lee’s acclaimed novel “To Kill a Mockingbird” was a staple on our high school reading list (and was likely one we re-visited in university). The novel is a Pulitzer Prize winner, and has become a classic in…

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Estate and Trusts with Foreign Properties and/or Transactions: Update on Reporting Implications

Sometime ago, I wrote that the Income Tax Act requires persons and partnerships to file information returns in respect of foreign property ownership (specified foreign property in excess $100,000) and transactions with non-residents . This extends to trusts and estates. Those who file such a return late or do not…

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Saying good bye publicly and privately to a remarkable woman.

“Yesterday, we lost a giant – an exceptionally creative scientist and engineer who was also a delightful human being. Millie Dresselhaus began life as the child of poor Polish immigrants in the Bronx; by the end, she was Institute Professor Emerita, the highest distinction awarded by the MIT faculty. A…

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Tomorrow is Election Day in the U.S.

No matter who wins the election, any changes to the U.S. Estate tax system won’t likely happen right away but one thing is certain, this election has being very taxing on everyone.

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A Chocolate Covered Trust Company

In 1905 Milton Hershey founded the Hershey Trust Company, which has been the majority owner of the Hershey Company. The primary purpose of the $12.3 billion Trust Company is to act as Trustee and support the Milton Hershey School in Hershey, Pennsylvania

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INCOME FROM A U.S. TRUST: CAN IT EVER BE TREATED AS DIVIDEND INCOME?

Sometime ago, a relative of a Canadian taxpayer died in the US and she left her money in a charitable trust, with some of the income bequeathed to the Canadian taxpayer annually. The trust income is derived mostly from US dividends. With a series of proposed adjustments to her personal…

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